Common-Size Income Statement
Quarterly Data
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Old Dominion Freight Line Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Revenue and Operating Expense Trends
- The revenue from operations remains steady at 100% throughout all quarters, serving as the baseline for expense ratios. Operating expenses as a percentage of revenue show a declining trend from about -83.86% in Q1 2018 to near -72.29% by Q2 2023, indicating improved operational efficiency and cost control over the period.
- Salaries, Wages, and Benefits
- Salaries, wages, and benefits constitute the largest expense category, initially around -54.19% of revenue in early 2018. This figure declines steadily, reaching approximately -45.49% by mid-2023, reflecting either improved labor cost management or shifts in workforce structure.
- Operating Supplies and Expenses
- Operating supplies and expenses decrease notably from approximately -12.53% in early 2018 to a low point of about -8.41% mid-2020, then rise again to about -11.7% by Q2 2023. This fluctuating pattern may correspond to changing operational demands or supply cost variances.
- General Supplies and Expenses
- This category fluctuates moderately within a range of approximately -2.95% to -2.18% initially and remains relatively stable around -2.7% toward recent quarters, showing consistent steady state expenses in this category.
- Operating Taxes and Licenses
- Operating taxes and licenses as a percentage of revenue remain mostly steady, ranging between about -2.9% to approximately -2.1% by mid-2022, followed by a mild increase to around -2.6% by mid-2023.
- Insurance and Claims
- Insurance and claims costs hold steady in a narrow band near -1.1% with occasional dips below -0.5%; it shows no strong trend but some volatility, indicating relatively stable but variable insurance-related expenses.
- Communications and Utilities
- These expenses remain low and stable, fluctuating mildly between approximately -0.8% and -0.6% of revenue across the periods, indicating consistent utility and communication cost ratios.
- Depreciation and Amortization
- Depreciation and amortization show a notable declining trend, dropping from around -6% in early 2018 to about -4.6% in 2021 and maintaining near -5.6% through mid-2023, reflecting possibly an aging asset base or changes in capital expenditure.
- Purchased Transportation
- Purchased transportation costs fluctuate over time, initially at roughly -2.35% then increasing to above -3.9% at the end of 2021, followed by a decrease to near -2.0% by mid-2023, indicating variability likely driven by outsourcing or third-party freight arrangements.
- Miscellaneous Expenses
- Miscellaneous expenses are relatively minor and volatile, ranging mostly from -0.9% to -0.18%, without a clear directional trend, indicating they are a small and irregular component of costs.
- Operating Income and Profitability
- Operating income improves noticeably from approximately 16.14% in early 2018 to a peak near 30.93% in late 2022, with some fluctuations thereafter but remaining relatively strong above 26% in 2023. This reflects enhanced operational profitability and improved margin management.
- Interest Expense and Interest Income
- Interest expense remains minimal and stable at around 0 to -0.1%, indicating low debt service costs. Interest income fluctuates slightly but remains low, generally around 0.01% to 0.2%, contributing modestly to non-operating income.
- Other and Non-operating Income (Expense)
- Other income and non-operating income show small fluctuations near zero, with no clear upward or downward trend, suggesting these factors play a minor role in overall earnings performance.
- Income Before Income Taxes
- Income before taxes follows a pattern similar to operating income, increasing from about 15.94% in early 2018 to around 30.93% by late 2022, reflecting overall improved earnings before tax burden.
- Provision for Income Taxes
- The tax provision as a percentage of revenue shows a slight upward trend from roughly -4.12% to a peak near -7.92% in mid-2022, then stabilizes near -7.05% by mid-2023, indicating a potentially higher effective tax rate or increased taxable income levels.
- Net Income
- Net income margin trends upward over the period, increasing from about 11.82% in early 2018 to above 23.53% by late 2022, with some decrease to around 20.69% by mid-2023. This overall improvement indicates effective cost control and stronger profitability, despite some margin volatility.